What does "beneficiary" mean?

Beneficiary: Bestowed as a gratuity; as, beneficiary gifts.

Additional senses

  1. 2.A feudatory or vassal; hence, one who holds a benefice and uses its proceeds. Ayliffe.
  2. 3.One who receives anything as a gift; one who receives a benefit or advantage; esp. one who receives help or income from an educational fund or a trust estate. The rich men will be offering sacrifice to their Deity whose beneficiaries they are. Jer. Taylor.

Sources